China to boost domestic demand, maintain balanced economic growth in coming five years

BEIJING, Oct. 27 (Xinhua) -- China will stick to the strategy of expanding domestic demand, consumption in particular, and seek a new phase of economic growth boosted by consumption, investment and exports, according to an official document released Wednesday.

The document, the Communist Party of China (CPC) Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development (2011-2015), was adopted at the Fifth Plenum of the 17th CPC Central Committee, which concluded nine days ago.

Macro-economic controls would be boosted, according to the document.

A key task in the 12th Five-Year Plan would be to consolidate and expand achievements in fighting the global economic downturn. China would seek a balance between stable and relatively fast economic growth, restructuring and inflation expectation management.

Consistency and stability of the macro-economic policies would be maintained, while improving their flexibility, scientific properties and foresight to guard against potential risks and avoid drastic economic fluctuations.

Short and long-term macro-economic controls would be combined, while policies were coordinated to ensure stable and relatively fast economic growth.

A long-term mechanism would be built to boost consumption demand.

Consumption would be highlighted in expanding domestic demand to release urban and rural consumption potential and allow China to ascend to the top-ranking markets in the world, said the document.